‘Blockchain Technology’ is the term you have probably heard being used a lot by many different companies,especially banks, hoping to capitalize on the cryptocurrency mania. Blockchain is the underpinning technology behind cryptocurrencies.
Many fail to miss the point that the blockchain was originally designed inherently with the pioneer cryptocurrency bitcoin. That is to say, it is not possible to isolate both the concepts from each other. The cryptocurrency also underpins the security aspect of the blockchain.
To put simply, the blockchain is similar to a huge distributed public ledger that records all the transactions pertaining to a certain cryptocurrency. It contains the complete record of every single transaction, every single “account” and every single piece of data that has been sent through the network. These records are permanent in nature.
This non changeable nature of the blockchain comes from the way the blockchain is derived. As the name implies,it consists of segments called blocks which are individual, discrete units that are appended to each other to form a chain, hence the name blockchain, through a process known as mining (for “Proof-of-Work” algorithm blockchains) or (in the case of some blockchains running on “Proof-of-Stake”algorithm) forging or minting.
In all these cases, the aim of the process is to provide some cryptographic ‘proof’ to all other network users to verify that the block being presented is valid and that the transactions added to the block are not fraudulent.
These cryptographic hashes also confirm the identity of each individual block as each block is assembled into the blockchain actually provides a clue to the identity of the next undiscovered block, the main feature which makes it tamper-proof. There is no way that the data present in the block can be changed without rendering all the subsequent blocks in the blockchain invalid.
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